Energy Transition & Sustainability

Bryan, Garnier & Co acts as Joint Global Coordinator and Joint Bookrunner on Otovo’s NOK 450 million Follow-on Offering

Otovo is a leading independent residential solar and battery marketplace in Europe, efficiently matching homeowners with vetted installers via an automatic auction-bidding process and proprietary software.

Otovo is the only truly pan-European player with a current presence in 13 countries, including the Nordics, France, Spain, Italy, Germany, the UK, and Benelux. The company is based in Oslo, Norway, and was founded in 2015. Initially generating revenues through direct system sales, Otovo has successfully developed a subscription-based model, generating recurring revenue and building a monetizable asset portfolio.

The net proceeds from the transaction will be used for growth capital to build up the company’s positions across Europe and general corporate purposes to ensure a path towards profitability.

Bryan, Garnier & Co acted as Joint Global Coordinator and Joint Bookrunner on Otovo NOK 450m follow-on offering on Oslo Børs.

Prior to the launch, the transaction was fully covered with strong support from existing shareholders, including pre-commitments from AxSol AB, Nysnø, Å Energi, and OBOS. The fixed offer price of NOK 3.45 per share was set equal to the closing price on 8 November 2023 and represented a discount of 2.7% to the last close. Otovo’s share price rose by +6.6% the day following the offering.

In total, approximately 130 million new shares were offered to investors, representing 88% of pre-deal share capital and resulting in NOK 450 million gross proceeds for Otovo. It is another visible transaction for the Energy Transition & Sustainability and ECM franchises of Bryan, Garnier & Co, following landmark transactions in 2023, including a €141 million Carbios’ rights issue, a NOK 126 million Hydrogen Pro’s follow-on, and a €20 million HRS secondary placement of shares.

"Selling a business you founded and helped growing is a monumental step for any entrepreneur. This was my fourth exit, and I was absolutely thrilled with the level of support and industry expertise we received throughout the process from the team at Bryan Garnier."

— Markus Fest - Founder of Eve Systems

For homeowners, Otovo is the easiest way to get solar panels on the roof, and batteries in the home. Otovo is a marketplace that organises hundreds of local, vetted, high quality energy installers. The company uses its proprietary technology to analyse the potential of any home and finds the best price and installer for customers based on an automatic bidding process between available installers.